Filecoin

Swing

<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.</i></p>
<ul>
 <li><em>Filecoin has performed well in early December but the bulls have been forced to retreat.</em></li>
 <li><em>Swing traders can wait for a move to or just beneath the range lows before bidding.</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/file" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Filecoin [FIL]</a> has not run linearly higher like many of its altcoin brethren. While it did post large gains in November and early December, the uptrend has been halted at a crucial higher timeframe resistance.</p>
<p>AMBCrypto’s technical analysis of FIL showed that the bullish momentum of the asset was weak and that a move downward was likely. A look at the estimated liquidation levels as well as the price action of the past few weeks illuminated where the bulls could make a stand.</p>
<h4><strong>The range coincides with an HTF resistance zone</strong></h4>
<div id="attachment_358967" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358967" decoding="async" class="wp-image-358967 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-price.png" alt="Filecoin offers traders some clear levels to watch out for within this pattern" width="1940" height="1099" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-price.png 1940w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-price-300x170.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-price-1024x580.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-price-768x435.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-price-1536x870.png 1536w" sizes="(max-width: 1940px) 100vw, 1940px"></a>
 <p id="caption-attachment-358967" class="wp-caption-text">Source: FIL/USDT on TradingView</p>
</div>
<p>The area from $4.61 to $5.71 represented a bearish breaker block on the one-week chart. The 12-hour chart above showed that FIL bulls faced difficulty breaching this zone of resistance in mid-November.</p>
<p>A month later, they are still unsuccessful. The price has formed a range (white) that extended from $4.33 to $5.47. The mid-range mark acted as resistance in recent hours and rebuffed FIL bulls’ latest attempt to climb higher.</p>
<p>The RSI also slipped beneath the neutral 50 mark in the past few days to suggest that momentum had shifted bearishly. The On-Balance Volume (OBV) was also in decline.</p>
<p>A move to the $4.5-$4.6 area, or a move above mid-range $4.9 would offer a buying opportunity.</p>
<h4><strong>Liquidation levels heatmap also offered evidence for a small move higher</strong></h4>
<div id="attachment_358966" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-hyblock.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358966" decoding="async" class="wp-image-358966 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-hyblock.png" alt="Filecoin offers traders some clear levels to watch out for within this pattern" width="1866" height="1014" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-hyblock.png 1866w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-hyblock-300x163.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-hyblock-1024x556.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-hyblock-768x417.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-FIL-hyblock-1536x835.png 1536w" sizes="(max-width: 1866px) 100vw, 1866px"></a>
 <p id="caption-attachment-358966" class="wp-caption-text">Source: <a href="https://hyblockcapital.com/liquidationlevel-heatmap" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Hyblock</a></p>
</div>
<p>The liquidation levels heatmap of the past three months from Hyblock offered some interesting insights.</p>
<p>AMBCrypto’s analysis of the chart above showed that the $4.9-$5 area would see some liquidations triggered. This could attract prices just above the mid-range resistance before a reversal.</p>
<p style="text-align: center;">Is your portfolio green? Check the <a href="https://ambcrypto.com/calculator/filecoin-profit-calculator" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">FIL Profit Calculator</a></p>
<p>To the south, a huge band of liquidity is available at the $4.28 level. This corresponded to the low that Filecoin formed on 21st November, when it dropped significantly below the range lows before recovering.</p>
<p>Hence, another drop to the $4.3 region would offer a good risk-to-reward trade for bulls.</p>

Filecoin value drops 5% in last 7 days: Can the descent continue?

AMBCrypto

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